Flutterwave has obtained approval from the Central Bank of Nigeria (CBN) to operate banking services in the country, marking a major milestone in the fintech company’s evolution and service expansion.
The approval comes at a time of heightened regulatory scrutiny of fintech firms and virtual asset operators in Nigeria. Recently, the CBN launched a pilot programme targeting Virtual Asset Service Providers (VASPs), including Flutterwave and Paystack, as part of efforts to strengthen oversight in the sector.
Flutterwave disclosed the development in a post on its official X (formerly Twitter) handle on Thursday, noting that the banking licence represents a transition from its previous role as a VASP to an entity with core banking capabilities.
According to the company, the licence will enable it to offer a wider range of financial services through its existing suite of products, while gaining greater control over its infrastructure and transaction processes.
“With this banking licence in Nigeria, we are stepping into the core of the system—from enabling transactions to managing them end-to-end. We now have control over how money moves, settles, and is accessed,” the company stated.
Flutterwave added that the licence would enhance settlement speed, improve user experience, and support more seamless financial operations for businesses by integrating accounts, payments, payouts, and capital services within a unified system.
The CBN’s pilot programme focuses on strengthening Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) frameworks. It forms part of broader regulatory efforts to enhance the integrity and stability of Nigeria’s financial system, in line with existing laws such as the Money Laundering Act 2022 and the Banks and Other Financial Institutions Act (BOFIA) 2020.
The initiative is also expected to deepen compliance standards and improve risk management practices among participating fintech firms.
Meanwhile, Flutterwave continues to scale its operations through strategic acquisitions and innovation. In January 2026, the company acquired Nigerian open banking startup Mono in an all-stock deal reportedly valued between $25 million and $40 million.
The acquisition is expected to strengthen Flutterwave’s infrastructure with enhanced data, identity verification, and open banking capabilities, while Mono will continue to operate independently without changes to its leadership or operations.
The move underscores Flutterwave’s long-term strategy to build an integrated financial ecosystem that supports businesses across Africa.
